Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Receives $80.25 Average Price Target from Brokerages

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) have been given an average recommendation of "Moderate Buy" by the eight research firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $80.25.

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a "neutral" rating in a research report on Monday, August 12th. Bank of America downgraded shares of Cogent Communications from a "neutral" rating to an "underperform" rating and cut their target price for the company from $75.00 to $65.00 in a research note on Wednesday, August 21st. Citigroup raised their target price on Cogent Communications from $70.00 to $82.00 and gave the stock a "buy" rating in a research report on Monday, August 19th. The Goldman Sachs Group upped their price target on Cogent Communications from $62.00 to $71.00 and gave the company a "neutral" rating in a research report on Friday, October 4th. Finally, KeyCorp increased their price objective on Cogent Communications from $80.00 to $90.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 27th.

Cogent Communications Stock Down 0.7 %

Shares of NASDAQ CCOI traded down $0.57 during midday trading on Friday, reaching $78.15. 378,659 shares of the company's stock were exchanged, compared to its average volume of 425,450. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The stock has a market capitalization of $3.83 billion, a PE ratio of 100.19 and a beta of 0.39. The business's fifty day moving average price is $80.92 and its two-hundred day moving average price is $70.29. Cogent Communications has a 52-week low of $50.80 and a 52-week high of $86.76.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, beating analysts' consensus estimates of ($1.34) by $0.01. The business had revenue of $257.20 million during the quarter, compared to analyst estimates of $258.69 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. Cogent Communications's revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter last year, the company posted ($1.13) EPS. Analysts forecast that Cogent Communications will post -4.53 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a dividend of $0.995 per share. The ex-dividend date was Friday, November 22nd. This is an increase from Cogent Communications's previous quarterly dividend of $0.99. This represents a $3.98 dividend on an annualized basis and a dividend yield of 5.09%. Cogent Communications's dividend payout ratio (DPR) is 510.26%.

Insider Activity

In related news, Director Blake Bath sold 6,220 shares of Cogent Communications stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $83.69, for a total value of $520,551.80. Following the completion of the sale, the director now owns 10,000 shares of the company's stock, valued at approximately $836,900. The trade was a 38.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO James Bubeck sold 1,920 shares of the company's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $81.42, for a total transaction of $156,326.40. Following the completion of the sale, the executive now owns 51,462 shares of the company's stock, valued at $4,190,036.04. This represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,816 shares of company stock worth $1,530,087 in the last three months. 11.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Ipswich Investment Management Co. Inc. grew its holdings in Cogent Communications by 0.5% during the third quarter. Ipswich Investment Management Co. Inc. now owns 41,079 shares of the technology company's stock valued at $3,119,000 after purchasing an additional 185 shares during the last quarter. Taylor Frigon Capital Management LLC grew its stake in Cogent Communications by 1.1% in the 2nd quarter. Taylor Frigon Capital Management LLC now owns 19,407 shares of the technology company's stock valued at $1,095,000 after buying an additional 202 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in Cogent Communications by 72.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company's stock worth $41,000 after acquiring an additional 226 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Cogent Communications by 5.5% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,984 shares of the technology company's stock worth $378,000 after acquiring an additional 262 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in Cogent Communications by 204.5% during the third quarter. Blue Trust Inc. now owns 405 shares of the technology company's stock valued at $31,000 after acquiring an additional 272 shares during the period. 92.45% of the stock is owned by institutional investors.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.